FUJIAN EXPRESSWAY(600033)2020-04-06 16:00Financial Performance - The company plans to distribute a cash dividend of 0.50 CNY per 10 shares based on a total share capital of 2.7444 billion shares, which corresponds to a total distribution of approximately 137.22 million CNY[6]. - The company has extracted 10% of the net profit for the year as statutory surplus reserves, indicating a commitment to financial prudence and shareholder returns[6]. - In 2019, the company's operating revenue reached ¥2,904,136,382.09, representing a year-on-year increase of 9.07% compared to ¥2,662,673,032.59 in 2018[26]. - The net profit attributable to shareholders was ¥827,577,174.23, up 12.82% from ¥733,512,571.27 in the previous year[26]. - The net profit after deducting non-recurring gains and losses was ¥859,657,207.41, reflecting an 18.73% increase from ¥724,027,422.31 in 2018[26]. - The basic earnings per share increased to ¥0.3016, a rise of 12.83% compared to ¥0.2673 in 2018[27]. - The weighted average return on equity rose to 8.83%, an increase of 0.58 percentage points from 8.25% in the previous year[27]. - The company's total assets at the end of 2019 were ¥17,172,450,462.63, a slight decrease of 0.73% from ¥17,298,921,728.72 at the end of 2018[26]. - The net cash flow from operating activities was ¥1,790,179,085.47, down 6.38% from ¥1,912,187,902.06 in 2018[26]. - The net assets attributable to shareholders increased to ¥9,510,749,082.72, a growth of 4.60% from ¥9,092,477,409.92 at the end of 2018[26]. Governance and Compliance - The company has received a standard unqualified audit report from the accounting firm, ensuring the accuracy and completeness of the financial statements[5]. - There are no non-operating fund occupations by controlling shareholders or related parties, indicating a stable financial governance structure[8]. - The company has a comprehensive governance structure with all board members present at the board meeting, reflecting strong leadership and oversight[5]. - The company has established a strong governance framework with independent directors overseeing key decisions[115]. - The management team emphasizes the importance of compliance and risk management in all operational aspects[115]. - The company has established a financial management system to ensure independent accounting and prevent interference from controlling shareholders[139]. - The board of directors and supervisory board operate in compliance with relevant laws and regulations, ensuring independent oversight of the company's operations[139]. - The company has not been subject to any penalties from securities regulatory authorities in the past three years[130]. Operational Highlights - The company achieved total operating revenue of CNY 2.904 billion, a year-on-year increase of 9.07%[43]. - Main business revenue from highway tolls was CNY 2.746 billion, up 4.84% year-on-year[43]. - Daily average traffic for Fuzhou-Quanzhou highway was 25,731 vehicles, a 6.88% increase year-on-year[42]. - Daily average traffic for Quanzhou-Xiamen highway was 43,435 vehicles, with a 6.23% year-on-year increase[42]. - Daily average traffic for Luoyuan-Ningde highway saw a significant increase of 36.63% for passenger vehicles and 67.44% for freight vehicles[42]. - The total length of operational highways managed by the company is 282 kilometers, accounting for 5.09% of the total operational highway length in Fujian Province[39]. Future Outlook and Strategy - The company has outlined potential risks in its future development strategy, emphasizing the importance of risk management in its operations[7]. - The company is focused on expanding its highway network and enhancing service capabilities in response to national transportation efficiency initiatives[41]. - The company plans to continue expanding its market presence and investing in new technologies[48]. - The company is actively researching business development strategies to promote sustainable and high-quality growth in the context of new market conditions[66]. - The company expects a significant decline in annual revenue due to the exemption of highway tolls for all vehicles during the pandemic, with the duration of this policy still uncertain[67]. - The company plans to enhance cash flow management and maintain operational funding during the toll exemption period, ensuring liquidity is not severely impacted[70]. - The company aims to optimize its business structure to mitigate risks associated with a single revenue model, emphasizing the need for diversified cash flow sources[70]. - The company is exploring transformation strategies to diversify its business model, aiming to improve decision-making and risk management capabilities[74]. Shareholder Information - The largest shareholder, Fujian Expressway Group Co., Ltd., holds 992,367,729 shares, accounting for 36.16% of the total shares[98]. - The second largest shareholder, China Merchants Highway Network Technology Holdings Co., Ltd., holds 487,112,772 shares, accounting for 17.75% of the total shares[98]. - As of the end of the reporting period, the total number of ordinary shareholders is 111,255, an increase from 109,093 at the end of the previous month[96]. - The company has not reported any significant changes in its ordinary share capital structure during the reporting period[96]. Employee and Management Information - The total number of employees in the parent company is 102, while the total number of employees in major subsidiaries is 1,319, resulting in a combined total of 1,421 employees[132]. - The number of employees with a university degree or above is 559, while those with a college diploma is 562, and those with a secondary vocational education or below is 300[132]. - The company has implemented a unified performance-based salary system, ensuring that salary distribution is fair and competitive for key positions[134]. - The company has established a comprehensive training plan aimed at enhancing the skills and competencies of its workforce, with a focus on political, business, legal, and safety training[135]. Financial Management and Debt - The company maintains a credit rating of AA+ for its 2015 corporate bonds, with a stable outlook as per the tracking report by China Chengxin Securities Rating Co., Ltd.[158]. - The company's liquidity ratios decreased significantly, with the current ratio at 60.91%, down 32.17 percentage points, and the quick ratio at 60.29%, down 32.49 percentage points, primarily due to the reclassification of bonds to current liabilities[164]. - The debt-to-asset ratio improved to 31.67%, a decrease of 4.38 percentage points compared to the previous year[164]. - The company has a 100% loan repayment rate and a 100% interest payment rate, indicating strong financial health[164]. - The company reported a net value of fixed assets in highways at CNY 1,295,449.74 million, with depreciation for the year amounting to CNY 61,616.83 million[169].